An Algorithm for Electronic Money Transaction Security (Three Layer Security): a new Approach

1. Introduction 
Today the regional economies, societies, cultures and educations are integrated through 
a globe-spanning network of communication and trade. 
Today’s most of business dealings 
(order receive, delivery confirmation, transaction and business communication) are done 
on internet. Rapid development of banking technology, Banks provide facilities to their 
client to transaction their money from won account through a security system using 
internet. This system is known as electronic transaction. Notwithstanding, we lived in a 
world where people no longer want to encounter long queues for any reason, they 
don’t 
not want to wait for too long time before they are attended to and this has led to the 
increasing services being rendered by banks to further improve the convenience of 
banking through the means of electronic banking. The growing rate of the popularity of 
Electronic transaction increased day by day. Now-a-days most of the people make their 
banking activities such as cash withdrawal, money transfer, paying phone and electricity 
bills, online purchase beyond official 
hour’s without physical interaction with bank staff 
using internet. Bank fascinated their customers to carry out banking transactions like, 
deposits, transfers, balance enquiries, mini statement, withdrawal and fast cash etc. in 
various ways. 
There are two ways customer can perform their banking activities. First one physically 
interacts with banking staff and second one is Electronic transaction (ATM transaction, 
online transaction and E-coin). [1] For the first case bank staff manually authenticates a 
user based on check book, customer signature and photo. In the case of Electronic 
transaction bank follows conventional method where authenticate a user based on user id 

---

International Journal of Security and Its Applications 
Vol.9, No.2 (2015) 
204 
Copyright 
ⓒ 2015 SERSC
and PIN (personal identification number). But in this case security is one of the major 
issues regarding electronic transaction. Currently Bank provide conventional security 
(authenticate user using username and password). 
In recent year the rate of cyber-crime increases day by day. The criminal attack not 
only cyber security and cyber information they also collect personal information and 
attack on Electronic banking system. A lot of criminals inter into the Banking database by 
breaking security and steal 
customers’ personal details (account information, card details, 
user id, password etc.) by illegal means. Once criminal get personal information then, the 
users’ account is vulnerable to attack. It’s not only threaten for user, it’s also for be bank. 
The prevailing techniques of user authentication, which involves the use of either 
passwords and user IDs (identifiers), or identification cards and PINs (personal 
identification numbers), suffer from several limitations. Passwords and PINs can be 
illicitly acquired by direct covert observation. Currently there is lots of scientist working 
on online transaction security. Here we have designed three layer security system for 
authenticate a user in electronic transaction. 
The main goal of this work is defining a system for Electronic transaction which is 
reliable to both a user and bank. In this paper we have design an algorithm which ensured 
high level security in Electronic transaction and define an efficient and highly scalable 
Money transaction system. The paper is arranged as follows. In section 2 we have to 
identify about the problem domain and motivates the research. Section 3 introduced with 
the Electronic transaction system and security. In Section 4 we have proposed a scalable 
electronic transaction system with 3 layer security. Section 5 presented the results analysis 
and section 6 concluded the work.